Kraken Takes the Lead as Coinbase Loses Ground

One of the world’s largest cryptocurrency exchanges, Coinbase, has suffered significant losses and continues to do so due to a lawsuit filed by the SEC. Kraken, another leading cryptocurrency exchange, has emerged as the sole platform filling this void.

Kraken Emerges as the New Leader

Kraken, the cryptocurrency exchange, seems to have gained the volume lost by Coinbase. According to a tweet by Dessislava Laneva, the depth of the altcoin market in US-based exchanges is gradually shifting towards Kraken. In this table where Coinbase previously had a significant advantage, Kraken is now the leader in July.

Although Coinbase is still ahead overall, Kraken being the most liquid altcoin exchange in the latest monthly ranking indicates a significant change.

As of January 2023, Kraken accounted for 39% of the liquidity of altcoins in the US, while Coinbase held a 45% share. Binance US also had a 7% share of liquidity. The remaining six cryptocurrency exchanges had a 9% share each.

Kraken Pro Plays a Key Role in Leadership

Research by Kaiko shows that Kraken’s market share has increased to 47% in a short period of time. While Coinbase’s share decreased to 41%, Binance US suffered significant losses and dropped to 1%.

The securities lawsuit against Binance US also caused significant damage to the exchange, similar to Coinbase. Although Coinbase is much larger than Binance US, the latter suffered greater losses. Binance’s global unit, on the other hand, continues to maintain its leadership in international markets.

A spokesperson for Kraken stated that this performance increase is attributed to the launch of the new platform called Kraken Pro. Kraken continues to stand out among other exchanges, causing a shift in liquidity in the US. However, exchanges like Binance still dominate the global markets, and the landscape remains relatively stable.